Briefs on International Trade (BIT) 2022/[08] - Department of Commerce

10^th June 2022

Viet Nam is a country with 97 million population and has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial, market-based and export-oriented economy. The country has raised its revenue earning sources substantially over the years. In 2019 GDP growth in Viet Nam was recorded as at 7.8% and Viet Nam was able to maintain positive economic growth rates in 2020 and 2021 at 4.8% and 2.4% respectively even amidst the grave challenges posed by the Covid 19 pandemic in the world including Viet Nam.

Viet Nam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and a strong manufacturing sector. In addition, the country is committed to continue its global economic integration. Viet Nam joined the WTO in January 2007 and has concluded sixteen (16) Free Trade Agreements bilaterally and regional as follows;

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